WAKEFIELD, Mass., July 20 /PRNewswire/ -- Boston Technology, Inc. (NASDAQ: BSTN) today announced that it has agreed to resolve, pursuant to an administrative order issued July 13, 1993, an informal inquiry of the Securities and Exchange Commission into the company's record keeping in connection with revenue recognized during the first quarter of fiscal year 1991 (ending April 30, 1990) for the shipment of equipment to a customer. The company had reversed this revenue during subsequent quarters in fiscal year 1991 when the equipment in question was returned.
The company cooperated fully with the SEC during this inquiry. Except as to jurisdiction, the company neither admits nor denies the allegations or findings in the Commission's order. As part of its settlement, the company has agreed to restate its financial statements for the first three quarters of fiscal year 1991 as if revenue for the equipment had never been recognized. Since the company previously reversed this revenue during the same period, this restatement will have no effect on the full fiscal year 1991 results as reported.
Consistent with its longstanding commitment to maintaining high standards of legal compliance, the company has undertaken to review, and where appropriate, revise its policies and procedures to ensure that revenue is properly recognized.
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/CONTACT: Katherine Raphaelson, director, investor and public relations of Boston Technology, 617-246-9000, ext. 3504/
(BSTN)

CO: Boston Technology, Inc. ST: Massachusetts IN: TLS SU:

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